New Delhi: Sattviko, a packaged food startup, has raised an undisclosed amount of strategic funding from multiple investors, including Ashish Gupta, India’s one of the most successful angel investor and founder of Helion Venture, Sunil Chandiramani- Former India Head, Ernst & Young Advisory, and others senior Pvt. equity professionals who also participated on the round.
Adding such names on their portfolio, including few existing investors like GHV India Pvt. Ltd., Sattviko, today has some of the most eminent investors backing them.
This is the third time Sattviko has raised funding since its inception in 2014; earlier in September 2017, the company had raised Pre-Series A investment from a clutch of investors led by Raman Roy (chairman of Nasscom). Sattviko has used the amount to grow 6x in FY 2017-18, and it aims to further grow by 50 cr in FY 2018-19 by making use of the fresh capital.
Speaking on the occasion Prasoon Gupta, Co-founder, Sattviko, said “This new fundraiser marks a significant milestone in growth journey and consolidation of Sattviko. Till date, we have spread our wings to 10 major cities of India and across all large retailers like Big Bazaar, More, Hypercity, Easyday, Spar, Metro, etc. Besides, our products are also available at airports and we also serve in-flight. Our next step is to initiate our Dubai and US operation. Over time, we will endeavour to penetrate across geographies and borders, introducing the Sattwik taste of Indian-origin recipes and healthy food items to the world.”
Sattviko’s products are a perfect fusion between old food recipes and modern food technology to present the traditional food in modern avatar. Running high on tremendous customer response, Sattviko which had registered Rs 70 lakh revenue in the first year, now aims at touching Rs 45 crore mark in the coming years and has robust expansion. During the last financial year (2017-18) Sattviko grew at 700 per cent rate.
The company has also got a number of awards and recognitions to its credit. Under ‘Make in India’ programme, it was conferred the ‘Best Food Brand of India’ during the 3rd National Entrepreneurship Awards last year by the Ministry of Skill Development, Government of India.
The Co-founder, Prasoon Gupta was rewarded with ‘Young Entrepreneur of the Year’ in December last year by TiE Delhi NCR and a Well known publication—Business World recognized him among the top 40 young entrepreneurs in its “40 under 40 series”.